Implementation of financial market strategy: Federal Council specifies initial measures to combat tax fraud and tax evasion
Bern, 25.02.2010 - At its meeting yesterday, the Federal Council specified the measures for implementing its financial market strategy. In December 2009, it took the decision that it did not wish to attract undeclared funds from overseas to Switzerland. To achieve this goal, the Federal Council has taken the decision to continue to consistently and swiftly implement the OECD standard in the area of taxes and also to continue to cooperate with other countries in combating tax fraud and tax evasion in future. In addition it wants to regularise undeclared assets. The Federal Council continues to reject the automatic exchange of information in terms of laying bare every detail of citizens' lives.
Switzerland has a strong financial centre and it is one that is important for its economy. To preserve its integrity, the Federal Council is gearing its financial market strategy to that of managing declared assets. On 16 December 2009, the Federal Council adopted a corresponding strategy (cf. the report entitled "Strategic directions for Switzerland's financial market policy"). In its meeting yesterday, it specified the measures for implementing this strategy.
It has instructed the Federal Department of Finance (FDF) to continue to consistently and swiftly implement the new administrative assistance policy. Since 13 March 2009, Switzerland has been offering international administrative assistance in accordance with the OECD standard, and no longer makes a distinction in relation to foreign countries between tax fraud and tax evasion in the case of corresponding applications. In the meantime, Switzerland has negotiated double taxation agreements (DTAs) with 18 countries on the basis of the OECD standard. The onus is now on parliament to ratify them. The Council of States will address the first five DTAs in the spring session.
With the objective of achieving clarity and legal security, the Federal Council therefore wants to push ahead with the regularisation of undeclared assets whilst at the same time ensuring that privacy is safeguarded. The Federal Council is against attracting undeclared funds from overseas. In order to prevent new, undeclared funds from coming to Switzerland, the FDF will draw up various solutions.
Finally, the Federal Council wants to examine in greater detail the opportunities for improved market access in the case of individual states and the EU. The possibility of concluding a comprehensive service agreement with the EU on improving market access was dismissed by the Federal Council. According to the analysis of a working group, the legal and institutional differences between Switzerland and the EU (i.e. in the area of infrastructure) would lead to complex and protracted negotiations.Address for enquiries
Alexander Karrer, Head, Monetary Affairs and International Finance Division, Federal Finance Administration, tel. 031 324 95 84
Publisher
Federal Chancellery
https://www.bk.admin.ch/bk/en/home.html
Federal Department of Finance
https://www.efd.admin.ch/efd/en/home.html
